Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Related to this story

Topics Consumer Products, Injection Molding, Rotomolding, Thermoforming

AKRON, OHIO (July 10, 1:15 p.m. ET) — Myers Industries Inc. has reported a solid increase in second-quarter earnings despite a modest 2 percent increase in sales from a year earlier.

The Akron-based manufacturing and distribution company said its net income in the quarter climbed 21 percent, to $5.66 million from $4.66 million. Diluted per-share profits rose even more, increasing 31 percent to 17 cents from 13 cents, because of fewer shares outstanding this year.

Sales at Myers edged up to $181.1 million from $177.3 million in the second quarter of 2011. The company’s cost of sales essentially was flat, at $133.7 million in the latest second quarter versus $132.8 million in the year-earlier period.

Myers said its gross margin expanded to 26.2 percent in the second quarter of 2012 from 25.1 percent in the second quarter of 2011. It said the expansion “was due mostly to reduced costs and productivity improvements resulting from continued execution of the company’s operations excellence initiatives.”

Myers said it expects some mixed trends in the second half of 2012.

“Results should benefit from the shifting of orders from the second quarter to late in the second half of 2012 as well as from the company’s operations excellence program,” Myers said. “However, the soft economy may offset a portion of these benefits. The company expects full-year results to reflect continued solid performance.”

Myers did not offer a specific earnings forecast.


Comments

Myers Industries sees second-quarter earnings climb

Published: July 19, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Cascade Engineering founder Keller to step down as CEO

September 16, 2014 8:33 pm ET

Cascade Engineering Inc. is undergoing a transition as President Mark Miller will also add the role of CEO, replacing founder Fred Keller, who has...    More

Image

SPE Thermoforming Division picks 3 scholarship winners

September 16, 2014 4:25 pm ET

Three college students have earned scholarships through the Society of Plastics Engineers' Thermoforming Division, division officials announced at...    More

Image

Canadian, Mexican injection molders form auto supply joint venture

September 16, 2014 2:26 pm ET

A new automotive parts manufacturer will open in Querétaro, Mexico, through a joint venture between Canadian automotive supplier Papp Plastics and...    More

Image

DS Smith adds to footprint with Croatian injection molding acquisition

September 10, 2014 2:05 pm ET

DS Smith plc, the London-headquartered packaging giant, has announced the acquisition of Kaplast dd, a Croatian injection molding company.    More

Image

Par-Pak Europe buys Holfeld Plastics

September 10, 2014 1:58 pm ET

Holfeld Plastics Ltd., the Ireland-based packaging manufacturer, has been bought by Par-Pak Europe (PPE) for an undisclosed sum.    More

Market Reports

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events